27 Nov Paid Social Media: What you need to know
What You Need to Know About Paid Social Ads
There are lots of different ways to advertise on social media. From influencer campaigns to contests and sweepstakes, there are a few different ways to get the job done.
If you’re weighing the pros and cons of paid social media ads, and you’re wondering if this strategy can increase your company’s conversion rate, there are several things you’ll want to keep in mind.
Paid social is effective
Studies have shown that ad revenues for paid social exceeded $51 billion (yes, that’s billion with a “B”) in 2018- which was an 11% increase over 2017. Some businesses have found paid social to be so effective, that they’ve increased their social media advertising budgets by more than 30% year-over-year.
Figure out where your customers are
In the past, paid Facebook ads were the only option. But today, paid social is available on every platform that’s out there, including Twitter, Instagram, Snapchat and TikTok, to name a few. Take some time to determine who your average customer is, their average age, income and education level. Each social media platform caters to a slightly different demographic. As such, you’ll want to allocate your spend accordingly.
Decide which type of paid social you want to use
There are lots of ways to advertise on social media. For example, if you’re launching a new line of baby strollers, you might find that partnering with influencers, to get them to talk about or promote your product to their followers, is your best pre product-launch marketing strategy.
Others prefer to allocate their spend to boosted / sponsored posts, which can help your posts get more visibility. You can also pay to have your business’ ad appear in newsfeeds.
How to harness the power
According to HootSuite, there are 4 primary reasons that people use social media: to keep up with friends, stay current on what’s happening in the world, they’re bored, or they want to entertain themselves. If you’re able to incorporate your paid ads with one or more of those reasons, you’ll likely do well.
If this all sounds like Greek, it’s OK. We’re here to help
If you’re interested in learning more about the benefits of paid social or the types of paid social you can use to promote your product or brand, call WBN Marketing today to speak with one of our experts. We’ll be more than happy to answer any and all questions you might have about how your company can benefit from this strategy.